528 Woodlawn Dr · Statesville, NC 28677

$67,000

2 bd · 1.0 ba · 907 sqft · SingleFamily public records · 6 Days on market

Built 1940 0.28 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Exceptional investment opportunity just minutes from downtown Statesville! This portfolio offers 2 total properties across 2 separate parcels (Parcel ID(s): 4734141966; 4733799680. Currently, all units are rented with a strong rental history and reliable tenants. The portfolio consists of two ranch-style single-family homes and one two-story single-family home, providing a balanced mix of stable income and future potential. This combination of income-producing properties and redevelopment possibilities makes the portfolio well-suited for investors seeking both immediate cash flow and long-term upside. Conveniently located near Statesville amenities, these properties benefits from consistent

Key facts

• Immediate cash flow
• 0.28 acre lot
• Built 1940

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• INCOME PRODUCING PROPERTIES
• IMMEDIATE CASH FLOW
• LONG TERM INVESTMENT POTENTIAL

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached carport; Driveway
• Utilities: City water; Public sewer
• Home design: Single family residence; Residential property; One level
• Construction: Site-built construction; Partial brick exterior; Crawl space foundation; Built on one level
• Exterior features: Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Bar fridge; Oven
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Natural gas heating; No central cooling (N/A)
• Interior features: 3 total rooms; Fireplace
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Cap rate 17.1% vs local median 3.6% in Statesville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 475 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $48k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $67k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $67,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.93% ✓
• Cap rate: 17.07%
• Cash-on-cash: 38.51%
• DSCR: 2.71
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $159,632
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1729 Lakeview Dr	0.45mi	3/1.0 (+1)	936 (+3%)	4mo	$60,000	$64	66
1713 Younger Ave	0.39mi	2/1.0	792 (-13%)	2mo	$139,500	$176	60
662 Grier St	0.33mi	3/1.0 (+1)	887 (-2%)	23mo	$185,000	$209	57
1110 Alexander St	0.72mi	2/1.0	937 (+3%)	10mo	$192,000	$205	53
238 Deaton St	0.60mi	2/1.0	792 (-13%)	10mo	$67,000	$85	43
2217 Front St	0.71mi	2/1.0	960 (+6%)	23mo	$160,000	$167	38
1428 Reid St	0.64mi	2/1.0	778 (-14%)	22mo	$164,900	$212	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.2% rent growth · sell at horizon

5-year hold

• IRR: 31.5%
• Equity multiple: 2.28×
• Total profit: $23,928
• Equity at exit: $9,990

10-year hold

• IRR: 37.1%
• Equity multiple: 4.01×
• Total profit: $56,410
• Equity at exit: $5,793

Cash invested: $18,760 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28677

• Rents YoY: 0.2%
• Active inventory: 475
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,295 high
• Mortgage (P&I): −$351
• Tax from tax record: −$42 /mo · $499/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $602

Break-even live

Break-even rent $533

Max offer price $67,000

Occupancy floor 49%

Sensitivity live

Price	-10% $640	-5% $621	+0% $602	+5% $583	+10% $564
Rent	-10% $500	-5% $551	+0% $602	+5% $653	+10% $704
Rate	-1.0pp $636	-0.5pp $619	base $602	+0.5pp $585	+1.0pp $567

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1813 Younger Ave Unit B Statesville, NC	2.0	1.0	700	$1,275	$1.82	25d	1	0.40mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	25d	1	0.40mi
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	25d	1	0.68mi
704 N Miller Ave Statesville, NC	2.0	1.0	728	$1,250	$1.72	12d	1	0.70mi
547 N Oakland Ave Unit 1 Statesville, NC	1.0	1.0	650	$1,200	$1.85	6d	1	0.95mi
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	4d	1	1.13mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	25d	1	1.16mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	25d	1	1.19mi

Listing history 5 events

1. 2026-05-19
   status Pending
2. 2026-05-19
   status Active
3. 2026-05-19
   price $67,000
4. 2026-05-01
   listed $115,000 Active
5. 1997-09-01
   soldstatus $29,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $499 · $42/mo
• Projected year-2 tax: $549 · $46/mo
• Expected delta: +$50/yr (+$4/mo · 10.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,537
• − Mortgage interest: −$3,753
• − Property taxes: −$499
• − Insurance: −$335
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$1,949
• Taxable income: $6,515
• Est. tax owed @ 24.0%: −$1,563
• After-tax cash flow: $5,660/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment F Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Statesville, NC
• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+131.0% since first listed

5 events — show timeline

• 2026-05-19 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-05-19 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $67,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-01 Listed $115,000 CANOPYMLS as Distributed by MLS Grid
• 1997-09-01 Sold (Public Records) $29,000 Public Records

Property tax history

+5.4%/yr

Latest (2020): $499 · +0.6% YoY. Source: county tax records.